When to contest your property's 'Notice of Value'
April 13, 2018 05:23 PM
BERNALILLO COUNTY, N.M. - It's that time of year again. Homeowners in Bernalillo County should have received a letter about how much their property is worth. That 'Notice of Value' is used when it comes to determining how much you'll pay in property taxes.
“The assessor in 2006 decided to implement a program to evaluate homes based on closed prices, so now they implemented a process of disclosure at closing for both the buyer and seller. That's still not public record. It's only for the purpose of the assessment,” said Linda Devlieg, an Associate Broker at Keller Williams.
That's how the county knows how much a property is worth.
If it's before 2006, Devlieg says they rely on information from homes in the surrounding area.
“The assessor is trying to use these values one at a time. One at a time through neighborhoods to establish what they believe to be the proper assessed value,” explained Devlieg.
She says over the years the numbers are getting better.
“With almost 300,000 structures in the city or Bernalillo County, it's taking them a while to catch up to real true values,” said Devlieg.
If you want to challenge that number, she says she's seen lots of success stories.
“Often times those tax evaluations are off because of a limited amount of number in the at a for say million dollar homes and up,” explained Devlieg.
But her advice is to only challenge it if you see a significant increase.
“Sometimes you don't want to do it if it's just slightly off because they may look at it and think they haven't done enough and so you don't want to have to light a fire where there isn't one,” said Devlieg.
If you don't agree with the assessor's evaluation, you have until Monday, April 30th, by 5 p.m. to file a protest form.
Created: April 13, 2018 05:23 PM
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